European farmer's hold large political power and influence policy to get government protection. Consider the effect of a price floor that increases the free-market price on agricultural products under two scenarios: (1) Elastic supply, and (2) inelastic supply. Analyze and draw the effects of a price floor on consumer and producer surplus in each case. In which case is the transfer of surplus to farmers larger? In which case is the deadweight loss larger? Do you think agricultural products have a high or low supply elasticity